Auctions are a perfect vehicle for long-term private investors

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Alam Sutera to reduce foreign exchange exposure amid plan to issue $485m global bonds

first_imgThe foreign exchange loss also largely contributed to the company’s total loss of Rp 512.5 billion from January-June, compared to the Rp 158.7 billion profit it posted in the same period in 2019.“We are taking into account the foreign exchange factor during our refinancing efforts. After that, we will hedge our position so we will receive compensation if the rupiah weakens,” Joseph said during a press briefing held by the Indonesia Stock Exchange (IDX).The global bonds are expected to carry maximum annual coupons of 13 percent.Alam Sutera has two maturing global bonds, with the first bond amounting to $115 million with 11.5 percent interest due in April next year and $370 million bonds with 6.6 percent interest due in April 2022. Publicly listed property developer PT Alam Sutera Realty has vowed to reduce its foreign exchange exposure toward the US dollar in the long run despite the company’s plan to issue a maximum US$485 million in global bonds.Alam Sutera president director Joseph Sanusi Tjong said on Aug. 28 that the company would hedge its liquidity after issuing the global bonds to prevent additional loss from foreign exchange. The global bonds are part of the company’s refinancing effort for its maturing bonds.Alam Sutera posted Rp 271.5 billion (US$18.5 million) in foreign exchange loss during the first half of 2020, a turnaround from the Rp 122.2 billion profit it posted in the same period last year, the company’s financial report showed. Ratings agency Fitch recently downgraded Alam Sutera’s long-term issuer default rating, as well as its two maturing bonds to CCC- from B-, amid the heightened liquidity risk due to the company’s limited progress in securing the maturing bonds’ refinancing.Alam Sutera has appointed PT UBS Sekuritas Indonesia and PT JP Morgan Sekuritas Indonesia as underwriters for the upcoming global bonds and is continuing preparations for the bonds issuance, according to Joseph.Joseph added that the company was committed to reducing dollar-denominated debts into a more balanced level and aims to convert part of the debts into the rupiah to reduce the exposure.“The company remains committed to slowly reducing dollar debt exposure. We are also hoping to convert a portion of these debts into the rupiah,” he said.The company’s cash assets stood at Rp 888 billion as of June this year, a 26.7 percent dive from Rp 1.2 trillion by the end of 2019.Joseph also stated that he expected lower gross sales and net income this year due to the economic downturn caused by the COVID-19 pandemic.“Regarding this year’s top line and bottom line [growth], we believe it will be lower compared to last year’s number. We have conditioned our company with the current property industry’s cycle by selling our products at a lower price,” he said.Alam Sutera posted Rp 919.5 billion in revenue in the first half of the year, down 28.9 percent from Rp 1.28 trillion in the same period last year.Meanwhile, the property developer posted a slight increase in marketing sales during the first half of 2020 at Rp 1.36 trillion, from Rp1.34 trillion during the same period last year. The company aims to book Rp 2.5 trillion in marketing sales this year.Alam Sutera investor relations officer Tasha Remisha said the company would also reduce its capital expenditure as it had acquired sufficient land banks for development.“We will not aggressively acquire land anymore because our land bank has reached a sustainable level for the next 30 years,” she said.The company’s capital expenditure for land banks has dropped from Rp 1.08 trillion in 2017 to Rp 423 billion in 2019, according to Alam Sutera’s presentation.Topics :last_img read more

Wolf Administration Announces Funding for Cleanup of 11 Former Industrial Sites

first_img SHARE Email Facebook Twitter Wolf Administration Announces Funding for Cleanup of 11 Former Industrial Sites October 18, 2018center_img Economy,  Environment,  Press Release Harrisburg, PA – Today, Governor Tom Wolf announced 11 new approvals through the Industrial Sites Reuse Program (ISRP) that will clean up former industrial sites in Allegheny, Berks, Blair, Cumberland, Erie, and Montgomery counties to prepare them for occupation by businesses and residential properties.“These projects will not only protect the environment and remove harmful contaminants from these sites, but will also prepare them for development into residential or commercial property where people can live and work,” Governor Wolf said. “Eliminating blight is a crucial component of growing local economies and improving quality of life in these areas.”Because no redevelopment can occur at these properties if they still contain environmental contamination, developers must first undergo extensive environmental cleanup before the property can be put into productive reuse. The ISRP provides loans and grants to help offset the costs of environmental assessments and remediation to foster the cleanup of the contaminated material at these industrial sites.The 11 approved projects:Allegheny County: RIDC Southwestern Pennsylvania Growth Fund was approved for a $300,000 grant to perform environmental remediation on a three-story building located at Mill 19 in the city of Pittsburgh. RIDC is redeveloping the massive, long-abandoned mill that sits on the 12.6-acre Hazelwood Green site. Mill 19 is one of three existing structures that remain standing from when the site was used for steel production.Allegheny County: The Pittsburgh Trust For Cultural Resources was approved for a $297,750 grant to perform environmental remediation on the former Duff’s Business Institute in the city of Pittsburgh. Once developed, the site will be prepared for the development of a 400,000-square-foot office building.Allegheny County: North Side Industrial Development Company was approved for a $154,500 grant for a Phase II environmental assessment study located in the Lower Hill District of the city of Pittsburgh. The property is 12.4 acres and comprised of six tax parcels that were assembled and cleared in the 1960’s to become part of the former Civic Arena development, and will be developed for residential, office, hotels, and retail/recreational use.Berks County: Fleetwood Borough was approved for a $285,443 grant to perform environmental remediation at the former Garden State Tannery site in Fleetwood. The borough plans to develop the 2-acre lot into a public parking facility for businesses on Main Street.Berks County: Berks County Convention Center Authority (BCCCA) was approved for a $138,750 grant for environmental remediation costs at the Pearle Building site located in the city of Reading. BCCCA plans to remediate the contaminated building and construct a multi-level bar/restaurant totaling 33,000 square feet.Blair County: Altoona Blair County Development Corporation was approved for a $14,581 grant to assist with an environmental assessment at a former auto dealership located at 2300 North Branch Avenue in the city of Altoona. Once the site has been assessed, the site will be converted into a 35-bed shelter and 6 apartments for low to moderate income residents. Additionally, the developer will construct a new building which will provide administrative and support space for the Blair County Community Action Agency and Classrooms for Blair County Head Start.Cumberland County: REC DC, LLC was approved for a $48,855 grant to perform environmental remediation at the former Domestic Castings site in Shippensburg Township. Once remediated, REC DC plans to redevelop the property into a mixed residential, office, and retail property with five structures.Cumberland County: Real Estate Collaborative, LLC was approved for a $231,709 grant to perform environmental remediation at the former Tyco manufacturing facility in Carlisle. Once remediated, the site will be redeveloped into commercial, retail, and entertainment space.Erie County: Corry Area Industrial Development Corporation was approved for a $667,345 grant to perform environmental remediation work at the former Thermo-Fab Inc. site located in the Corry. The former 31,750-square-foot industrial building was built in 1953 and has sat vacant since 2008.Montgomery County: Renaissance Land Associates II, L.P. and Renaissance Land Associates III, L.P were approved for a $885,289 loan and a $415,510 loan for environmental remediation work of more than 20 acres on the site known as the former Alan Wood Steel Company coking facility located in Upper Merion Township. Once the site is remediated, the developer intends to redevelop the site for residential multi-family purposes.Montgomery County: The Municipality of Norristown was approved for a $31,500 grant for environmental assessment of the former Howie Corporation site located in Norristown. Once the site is remediated, the Municipality of Norristown will partner with the current owner to create a residential/mixed use property.“Assisting with the cleanup of these brownfield sites is vital for attracting business investment and job creation,” Department of Community and Economic Development (DCED) Secretary Dennis Davin said. “When brownfield sites sit vacant, they become eyesores, they lower property values, and hold back economic development in the area. These projects will ensure these sites become valuable properties that truly improve the communities in which they are located.”“Revitalizing brownfields and restoring them to productive use is critical to having strong vibrant communities,” said DEP Secretary Patrick McDonnell. “We’re pleased to collaborate with DCED on these brownfield redevelopment projects, and thousands more statewide.”For more information about the Industrial Sites Reuse program, visit the Department of Community and Economic Development (DCED) website or follow us on Twitter, LinkedIn, Facebook, and YouTube.last_img read more

Governor Wolf: Pennsylvania’s Unemployment Compensation Tax Rate Reduced to Lowest Level in 40 Years

first_img SHARE Email Facebook Twitter January 08, 2020 Governor Wolf: Pennsylvania’s Unemployment Compensation Tax Rate Reduced to Lowest Level in 40 Yearscenter_img Economy,  Government That Works,  Press Release Governor Tom Wolf today announced Pennsylvania businesses will see a reduction in their unemployment compensation (UC) tax rates, saving an estimated $552 million this year. The Department of Labor & Industry eliminated the 1.1 percent UC tax rate interest factor effective January 1, 2020. This is the lowest UC tax rate on record since 1979.“We are continuing our efforts to drive down the cost of doing business in Pennsylvania,” said Governor Wolf. “Lowering the UC tax rate will help business owners invest in their own company and workforce to create more jobs, while also maintaining fair benefits for workers who lose their job through no fault of their own.”Today’s rate cut announcement comes following completion of repayment of Pennsylvania’s unemployment UC bond debt on January 1, 2020. Act 60 of 2012 included provisions for refinancing Pennsylvania’s federal loans for UC through the sale of bonds to obtain the lowest possible rate of interest. The 1.1 percent interest factor was assessed for businesses from 2013 to 2019 to repay the UC bonds. This refinancing of Pennsylvania’s UC debt saved employers approximately $57 million in interest costs.“This is a good day for Commonwealth job creators, who pay some of the highest unemployment compensation taxes in the country,” said Gene Barr, President and CEO, Pennsylvania Chamber of Business and Industry. “The Great Recession put the state’s UC Fund in financial crisis, threatening this important program and forcing us to borrow billions from the federal government. We were proud to work with a bipartisan coalition of legislators and the Corbett administration to shore up this critical safety net and refinance the federal loan, which employers were still responsible for paying off but under more favorable terms. We are pleased employers can start off the New Year with a lower UC tax rate and thank Governor Wolf for recognizing the need to drive down business costs in PA.”The UC Trust Fund’s solvency is calculated annually to ensure Pennsylvania is prepared for periods of economic downturn. As of July 1, 2019, the fund’s solvency percentage was 181 percent, the highest level since 2001. The fund is considered solvent when its level reaches two and a half times (or 250 percent) the average annual benefit payout over the last three years.Unemployment compensation provides temporary wage replacement income to qualified workers who have lost their job through no fault of their own. The Unemployment Compensation Law requires covered employers to make contributions into a pooled reserve known as the UC Trust Fund. These contributions are used to pay benefits, for a limited time, to jobless individuals who are able and available for suitable work but continue to be unemployed while looking for another job.For more information, visit the UC website at uc.pa.gov.last_img read more

Historic Brisbane home built as a wedding gift 90 years ago has hit the market

first_imgThis home at 31 Cintra Road, Bowen Hills, is on the market for the first time in 90 years. Picture supplied by LJ HookerA GRAND Queenslander built by a true gentleman as a wedding gift for his wife-to-be has hit the market for the first time in 90 years.Chivalry certainly wasn’t dead in 1925 when Alexander Burrows set an incredibly high benchmark for the young men of today by building ‘Rangeview’.Little did he know, five generations of his family would enjoy living in the four-bedroom period home at 31 Cintra Street, Bowen Hills, which has played host to weddings, christenings and even births.This home at 31 Cintra Road, Bowen Hills, is for sale for the first time in 90 years. Picture supplied by LJ HookerIt will be an emotional day for Alexander Burrows’ granddaughter, Lorraine Firth, when the home goes to auction on July 29.“I have wonderful memories as a teenager at the old home,” Mrs Firth said.“We used to have wonderful parties under the Poinciana tree out the back.”Mrs Firth celebrated the best day of her life at the property when she married her husband of 35 years in the garden.Beauty queen revealed and readyMega price for modest homeBrisbane home listings jumpMore from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoThe Poinciana tree in the backyard at 31 Cintra Road, Bowen Hills. Picture supplied by LJ HookerPerched high on an elevated corner, the house sits on an 810 sqm block which has two street access and is bigger than average for its inner-city location.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:45Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:45 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Summer Dream Home: Currumbin01:45 Related videos 01:45Summer Dream Home: Currumbin01:34Paradise for sale…01:16Dream home: Broadbeach Waters01:33Dream Home: New Farm01:36Dream Home: Brookfield01:00Mermaid BeachThe home has all the classic features of its time, including high ceilings, polished timber floors, intricate lattice timber work and lead-lighting.Marketing agent Brett Greensill of LJ Hooker New Farm said he had never been involved in the sale of a house with such a unique history.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREInside the historic home at 31 Cintra Road, Bowen Hills. Picture supplied by LJ Hooker“It’s just extraordinary,” he said.“In 20 years of real estate, I have never seen anything like this.“It’s testament to how a home is made as opposed to just selling a house.”Mr Greensill said the home was in the fortunate position of not having any neighbours as it was next to a heritage-listed Catholic Church.The home will be sold with the original title deed.last_img read more

Opulent riverside estate with private forest for sale in Brisbane

first_img36 Needham St, Fig Tree PocketSITTING along a stretch of the Brisbane River with 132m of direct water frontage, Rivergum Retreat boasts a prime position, surrounded by established gardens including a 200-year-old Moreton Bay Fig and private rainforest.The home at 36 Needham Street, Fig Tree Pocket, has seven bedrooms, nine bathrooms and seven car spaces. More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor2 hours ago36 Needham St, Fig Tree PocketOn entry to the residence through a porte cochere, the lower level is split into two wings with a staircase to the upper level between them. A breezeway in the right wing leads to the gym and a study, both with access to separate patio spaces, along with a bedroom, powder room, cloak room and a formal lounge.The left wing, accentuated by a water feature near the staircase, contains the house’s main living hub. Here, a modern kitchen equipped with the finest of materials and appliances is flanked by sitting and family rooms. A meals room, the games room and a bathroom adjoin the family room, with these areas opening to the larger of the rear patio spaces. This section of the outdoor area contains the teppanyaki bar and steps leading down to the pool. 36 Needham St, Fig Tree PocketLuxuriously appointed, the residence has six bedrooms with ensuites, a climate-controlled wine cellar, fully equipped gym, games room with bar, three studies, a 12-seater cinema and self-contained guest quarters.Spread across 1.21ha, the estate also includes a heated pool with an outdoor teppanyaki bar, a championship sized tennis court and water sports facilities. 36 Needham St, Fig Tree PocketOther features of Rivergum Retreat include C-Bus, SONOS and Crestron systems that control lighting, temperature, blinds, irrigation and security.Ray White New Farm agent Matt Lancashire said the upside to considering this estate wasn’t the site itself but the potential it presented for development.“This incredibly located property sits on a valuable and rare allotment of riverfront land which could hold endless future potential for subdivision, subject to council approval,” Mr Lancashire said. Inspections are by appointment with the property set to go to auction at noon on August 5. 36 Needham St, Fig Tree PocketA dining room, laundry with drying courtyard and two powder rooms are also in the house’s left wing, along with access to three double garages, a single garage and a workshop and storage space.Upstairs, five bedrooms are spread across the level. Two bedrooms, including the main, are in the right wing. As well as its ensuite with a corner spa, the main bedroom has a walk-in wardrobe and patio. A study is also to this side of the house.The left wing houses the remaining bedrooms, all of which open to various patios. All bedrooms have walk-in wardrobes, while completing the wing are a study, powder room, TV room and the cinema with a nearby bathroom. last_img read more

European Parliament to vote on Portability Directive before elections

first_imgJacob confirmed it would only be applicable to contracts entered into after implementation, not existing pension plan memberships.But Withold Galinat, vice-president of Benefits Policies & Coordination at German chemical group BASF SE, said the directive was “dispensable and unattractive”, offering the wrong incentives for HR policies.“The directive favours those that already have occupational pension benefits and increases hurdles for those that do not have one yet,” he said.He said he feared the new regulation would make it unattractive for employers to set up pension plans and argued it would “not help to promote occupational pensions”.Similar to other pension industry representatives in Germany, he claimed that lowering the vesting period from the current five years to three, as set down in the draft of the Portability Directive, would lead to a flight of human capital and greater fluctuation.“Employers might reconsider setting up a pension plan and rather top up people’s salaries with bonus payments,” Galinat said.But Jacob argued that it was “inacceptable” that people who were changing their jobs more often could not profit from occupational pensions.He pointed out that vesting periods in the Netherlands were shorter than in Germany, and said occupational pension schemes remained attractive for employers because the regulatory framework, as well as the tax environment ensured this attractiveness.Jacob also dismissed arguments that the directive would only profit a very small minority of workers who were actually going cross-border, as “most member states have announced they will not discriminate” between domestic and cross-border migration when implementing the new regulations.Georg Thurnes, board member at Aon Hewitt Germany, stressed that a solution would have to be found to the provision that exempts closed schemes from the directive, as this could lead to companies closing pension schemes, he said. The European Parliament is to vote on the current draft of the Portability Directive in its last plenary before dissolution ahead of parliamentary elections in April, confirmed the Rapporteur in charge of the directive, Ria Oomen Ruijten, in Brussels today.Similarly, Ralf Jacob, head of unit for Active ageing, pensions, healthcare and social services at the European Commission, noted at the Handelsblatt meeting in Berlin yesterday that the vote would take place “at the beginning of April”.“Member states will then have four years after it has been published in the official journal to translate the directive into national law,” he added.Five years after that, they will have to report to the Commission.last_img read more

​Danish watchdog finds scant competition in DKK2.9trn pensions market

first_imgThe council saw several signs that competition for pensions in Denmark could be improved, he said, with commercial companies appearing to have relatively high earnings while also having expensive asset management in terms of overall costs.At the same time, most Danish labour-market pension companies were not exposed to competition, Schultz said.“The vast majority of Danes’ pension schemes follow the agreements entered into by their place of employment – that is, the companies, or the social partners. It is therefore primarily these players, rather than the individual saver, who can contribute to strengthening competition,” he said.As things stood, Schultz said, it was hard for decision makers to make an informed choice of pension provider, in the case of both labour-market and company pensions.“We propose independent ongoing evaluations of pension companies that manage compulsory, savings-based pension savings – also in view of the fact that the pension companies manage a substantial part of national wealth and around [DKK1.3trn] of the state’s money in the form of deferred tax,” Schultz said.The council said it had identified several steps to strengthen competition for labour-market pensions for the benefit of the savers, including setting up a working group to develop a model that could make sure company pension schemes were priced more cost-effectively.Currently these schemes were typically made up of cheap insurance products and expensive asset management, Schultz said.“This makes comparison of pension provision more difficult and can be a barrier for new players in the pension market,” he added.On the topic of intermediaries, he said that while brokers were very important for competition for company pensions, it was “a major challenge” that they did not always create competition for the significant task of advising savers afterwards, with the big brokers typically taking on that advisory role themselves.“It hampers competition when savers find it difficult to change company,” Schultz went on.For this reason, he said the council was proposing solutions be found to enable a larger share of the collective savings capital to be moved, and to make it easier to move retirement pensions and retirement savings to another company once the saver had retired. The Danish Consumer and Competition Authority has put forward a range of proposals to make it easier to move collective pension savings from one provider to another, after finding that there are real restrictions to competition in the DKK2.9trn (€388bn) non-statutory pensions market.It its 342-page study of the sector, which the watchdog started working on in June 2017, the authority said there were big gains to be made from improving competition between pension companies, made 22 recommendations aimed at strengthening competiveness.Christian Schultz, chair of the agency’s Competition Council, which has overall responsibility for the authority, said: “Denmark has one of the world’s best pension systems. However, our analysis shows that it can be even better.“There is little competition for the management of non-statutory pension savings. In total, they amount to [DKK2.9trn], so even small efficiency improvements will bring big benefits to both savers and society,” he said.last_img read more

Maudie Herbert, 76

first_imgMaudie Herbert, 76, of Millhousen, passed away on Tuesday, June 6, 2017 at Methodist Hospital in Indianapolis.  Maudie was born in Brownstown, Indiana on October 10, 1940 to Tom and Alice (Davidson) Lee.  Maudie was a former member of Immaculate Conception Catholic Church in Millhousen. She was married to Robert Dale Herbert on January 25, 1958 and he survives.  She is also survived by 4 sons; Allen Herbert, Roger (Pam Powers) Herbert, Charles (Julie) Herbert, Mike (Missy) Herbert, all of Greensburg, one daughter; Linda (Donny) Wise, Greensburg, two brothers; Kenny Lee, Versailles, Herman Lee, Milan, 21 grandchildren, and 21 great grandchildren.  She was preceded in death by her parents, two sons; Dewayne and Tommy Herbert, 3 daughters; Alicia Muckerheide, Brenda and Cathey Herbert, 4 brothers; Virgil, Harold, Arthur, and Eugene Lee, and two sisters; Lorina Clark, and Louetta Sabino.  A Rosary service will start at 2 pm at Porter-Oliger-Pearson Funeral Home on Sunday, June 11 followed by visitation until 6 pm.  A Funeral Mass will be held at Immaculate Conception Catholic Church in Millhousen on Monday, June 12 at 10 a.m. with Rev. John Meyer officiating.  Memorials may be made to the American Heart Association.  Online condolences can be made at www.popfuneralhome.comlast_img read more

Edward E. Miller

first_imgEdward E. Miller tragically lost his life in a fire early Wednesday morning June 20, 2018 at his home near Madison, Indiana. He was born in Marion, Indiana on August 8, 1954 and raised by his mother Helen Miller. He was one of eleven children. Ed had been a US Navy Veteran proudly serving his country from 1976 through 1978. On January 30, 1980, he married Christy L. Haines. He had been a truck driver for nearly 20 years. He enjoyed working in his garage, meticulously organizing things and working on cars for his family and friends! Over the past few years, you could always see him with his four legged poodle companion “Izzy”  that he loved very much.  He will be sadly missed by his wife Christy, son’s Jered Miller of Osgood, Michael Miller of Lawrenceburg, step son Jason Joy of Alabama along with 3 grandsons, Richard, Kienan and Justin and 2 granddaughters Destiny and Gabrielle.A memorial celebration will be held on Tuesday, June 26, 2018 at Neal’s Funeral Home with calling from 4:00 pm until 6:00 pm at which time the memorial service will begin.Memorials may be made to the donors choice.www.nealsfuneralhome.netlast_img read more